please answer the boxes that are blank so it will be 4 boxes 🙂
Budget Project Part 4Renting and Buying a Place To Live
(20 points)
You search the internet for an apartment to rent and a house to buy. Answer each
question in the space provided, be sure to show your work for questions involving
mathematical calculations.
1.
Search the internet for an apartment or house for RENT, located in Albuquerque
or Rio Rancho. A good website to use is Realtor.com. You will need the following
information on the apartment and house so make sure it is provided on the website:
● Location
● Square footage
● Estimated costs (rent per month)
If the apartment has more than one floor plan, choose one to answer the
following questions. If it’s a house, please list the address.
a.
(1 point)Name of apartment complex or address of house for rent.
Skystone Apartment
b. (2 points)Describe the floor plan by stating the number of bedrooms, bathrooms
and total square footage.
One Bedroom, One Bathroom, and 829 square feet.
c.
(2 points)What amenities does the apartment complex have? (pool, spa, covered
parking ect.) If its a house, include things like garages, amount of land, number
of floors and other details given in the listing
The apartment complex has a pool and parking garages, but its extra charge.
d. (2 points)What is the estimated rent per month? Based on the monthly rent,
what is the cost per square foot?
Estimated rate per month is 1,613. 1613/829=1.95 cost per square foot.
e.
(2 points)If the landlord of the apartment/house you found requires first and
last month’s rent, a security deposit equal to 80% of one months rent and a $85
utility hook up fee to move in, what would be your total cost to move into this
apartment?
2. Search the internet and find a house for SALE in the Albuquerque/Rio Rancho area.
(Realtor.com is a good websites to use)
a.
(1 point)What is the address of the house (if given)? Copy and paste the link of
the listing in the answer box.
10715 Pueblo Pl NW, Albuquerque, NM 87114
https://www.zillow.com/homedetails/10715-Pueblo-Pl-NW-Albuquerque-NM-8
7114/54578986_zpid/
b. (2 points)Describe the house. Be sure to include the number of bedrooms,
bathrooms, and total square footage. Also include things like garages, amount of
land, number of floors and other details given in the listing.
This House has 3 beds 3 baths, space for two cars in garage. The Square Feet is
1,853.
c.
(2 points)What is the listed price? Use the listed price of the house to calculate
the price per square foot of the house.
The listed price is 330,000. 330,000/18530= 178.09 per square fo0t
d. (2 points)Use the listed price and the monthly payment formula to calculate the
monthly payment on a 30 year loan for your house if the APR is 4.25%.
e.
(2 points)How much interest would you pay on the 30 year loan using the listed
price from 2c and the monthly payment from 2d.
3. (2 points) Given the choice of renting the apartment or buying the house you found,
which would you choose? Explain why.
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